Binance, one of the world’s biggest cryptocurrency exchanges, is in hot water after being accused of freezing all the crypto funds belonging to Palestinians. Here’s a breakdown of what’s happening and why it’s causing such a stir.

The Accusation

Ray Youssef, a well-known figure in the crypto world and CEO of NoOnes, recently claimed on social media that Binance has seized the funds from all Palestinian users at the request of the Israeli Defense Forces (IDF). Youssef says that Binance has refused to return these funds, leaving many Palestinians without access to their money.

Binance's Response

Binance, however, strongly denies these claims. According to Binance, they have only frozen a small number of accounts that were linked to illegal activities, not the accounts of all Palestinians. The company’s CEO, Richard Teng, described the allegations as "FUD" (fear, uncertainty, and doubt) and insisted that Binance is following international laws designed to prevent money la...